The Official Fuel Prices Thread

[1lokesh]

I hate this Govt.

[bullrun87]

Originally Posted by 1lokesh

I hate this Govt.


Attachment 1512818

the fuel price increase is quite disproportional to the increase in crude price

Originally Posted by ptaneja

guys, any insight on price revision for today - 31st May ? I have to get the tank filled up - should I wait for tomorrow or get it done and over with it today ?!

I hope you tanked up.

[ajayclicks]

Originally Posted by 1lokesh

I hate this Govt.

O boy. The fuel tank of my XUV500 was nearly empty today evening, and I tanked up- ~65 liters. Was feeling lazy and wanted to do it tomorrow, but I am glad I did it today.

On the other hand, I had to fillup my swift petrol a day after the last petrol hike, so I guess that evens things out

[sgiitk]

I must say the ₹2.58 and 2.26 quite surprised me. I did not see much movement in Brent (yesterday it dipped below WTI for some time), and the exchange rate was again trying to go back below 67. So I was not expecting any increase, or at most Re.1 or so.

[drmohitg]

Whats new in this? They are all out to loot us. Be miserly when it comes to reducing prices citing 100 different excuses. And be a philanthropist when it comes to increasing prices. All those taxes that were increased were apparently said to be temporary at the times of introducing them, but now as usual they will always stay put.

What is more interesting is the amount of price hike of diesel and petrol.
Why does it vary all the time? I am talking about the percentage. For instance last time petrol was hiked in only paise and diesel by much more. This time petrol more than diesel? What is the science behind that.

[audioholic]

I tanked up yesterday too. But this is a huge hike god knows for what reason

[vinitbhavi]

Originally Posted by bullrun87

Crude oil price is slightly higher than what it was a fortnight ago so we might be looking at another increase in prices. Oil price forecasts are getting more bullish and we might be looking at reaching 60 dollars a barrel by the end of 2016.

Wow you fuel pricing pundits have got it spot on. I was busy yesterday and though I read this didn't tank up. You can be assured I'm going to follow up on the predictions next time. BTW what are the predictions for upcoming months increase or decrease.

[ptaneja]

Originally Posted by bullrun87

the fuel price increase is quite disproportional to the increase in crude price


I hope you tanked up.

Oh Yes I Did. Saved about 100rs ....but this attitude of govt is

[bullrun87]

Originally Posted by vinitbhavi

Wow you fuel pricing pundits have got it spot on. I was busy yesterday and though I read this didn't tank up. You can be assured I'm going to follow up on the predictions next time. BTW what are the predictions for upcoming months increase or decrease.

In the coming 6 months to a year the crude price is expected to increase to 55-60 dollars a BARREL as per most estimates. Let's hope the govt starts to ease the exorbitant duties and cesses that it jacked up over the past year or so.

[sgiitk]

@bullrun87; & co. We are not upset at Petrol being well above £1 per litre in the UK since it does not bother us, or we are under the old presumption that we are a poor country. I will like to see what is the current rough multiplier for ₹ to say $ under PPP. was about 6 a few years ago.

[vinitbhavi]

Originally Posted by bullrun87

In the coming 6 months to a year the crude price is expected to increase to 55-60 dollars a BARREL as per most estimates. Let's hope the govt starts to ease the exorbitant duties and cesses that it jacked up over the past year or so.

Yeah that's what I have been hearing as well. The duties which government levied were supposed to be temporary and hopefully they will ease them out soon.

[mpksuhas]

Originally Posted by vinitbhavi

The duties which government levied were supposed to be temporary and hopefully they will ease them out soon.

Yes. When duties were increased they had mentioned the reason that a sudden decrease in price of an essential commodity would cause mayhem in economy. I am not sure how that works though.

Anyways, I guess with crude supposed continue its upward trend slightly. Government will keep holding on to higher duties till its nearing election term. Decrease it by couple of rupees then and claim credit.

[AJITHAAA]

Scams and goof ups apart, I really appreciate MMS for fuel pricing.

[lurker]

Look, in India there is a clear connection between financing budget deficit and petrol pricing. Indian budgets are going to go into greater deficits, and govts are going to go for the easiest option of taxing petrol to cover that deficits.

Past 3 revisions have moved contrary to global pricing. We are still in administered pricing mode. With Ministry of Finance and Petroleum Ministry giving green signal to go ahead with every hike or to withdraw hikes if elections or some other inconveniences are around the corner.

[StarScream]

Originally Posted by bullrun87

the fuel price increase is quite disproportional to the increase in crude price

Originally Posted by bullrun87

In the coming 6 months to a year the crude price is expected to increase to 55-60 dollars a BARREL as per most estimates. Let's hope the govt starts to ease the exorbitant duties and cesses that it jacked up over the past year or so.

I might be the contrarian here but it is true that GOI never cut prices steeply and therefore one is protected from steep hikes. Brent fell to $27.88 a barrel on Jan. 20, since then it has rallied 75%. Retail prices have moved nowhere close to that number.

Yes, they were lining their pockets when oil was low but now that it's on the way back up the oil cabal has room to absorb some of the impact. All the extra taxes can be jettisoned if needed.

So, yes, we don't have true deregulation on the downside or upside.